The recent uptick in HYPE prices also coincides with Hyperliquid Strategies’ filing with the US Securities and Exchange Commission (SEC) to raise $1 billion for a buyback of HYPE tokens.
As of now, the HYPE price is trading at approximately $40.54, still 31% below its all-time high of $59 reached earlier this year. Moving forward, key price levels for Hyperliquid include closing the week above $40, which would convert this previous resistance into a short-term support level for potential further increases.
To the upside, additional resistance for the HYPE price may be encountered at $42, $46, and $50 before the altcoin can attempt to retest its $59 peak. Conversely, a support floor for Hyperliquid’s short-term price action is anticipated at $35, established over the past week, providing a buffer against potential new declines in price.
Featured image from DALL-E, chart from TradingView.com
